Smart Connected Assets and Operations Market Is Set For A Rapid Growth By 2024

The Internet of Things has become a globally adoptive technological solution which has shown a significant shift from the academic circles to various other industry. This is predominantly, due to the development of cost-effective sensors, affordable connectivity, accessible cloud platforms, effective processing and storage capabilities of large amounts of structured and unstructured data by the big data platforms, abundant mobile applications and smart machine learning tools. Enterprises, nowadays have become acquaintance to IoT and have enabled it as an innovative solution to solve business problems. One such problem where industrial internet of thing is applied for the efficient management, monitoring and maintenance of enterprise’s asset and operation.

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Smart connected asset and operation are the devices used by the enterprises to produce and deliver goods and services that can efficiently sense and respond to internal and external environment in a prompt and accurate manner. The smart connected asset and operation devices are well aware of environment and can react to design and configuration, support customer requirement or supplier performance and even handle inventory and maintenance schedule.

Assets that have been installed and managed for years have decades of historical information. These information reside in various places such as paper files, dataset and knowledgeable workforce. To extract more information from assets, companies are embarking on digital transformation by deploying more and more smart sensor at multiple touch-points.

Smart connected operation provides a comprehensive path for managing factory and its production line. It significantly transform the manufacturing operation and allow manufacturer to have real time analysis of operation data through predictive analytics technology. Smart connected asset and operations are developed through convergence of big data analytics and, cloud and mobile technologies that are merging traditional Informational and operational technology (IT/OT). Smart connected asset and operation are one of the strategic objective that an asset intensive organization are following as it allows an enterprise to move beyond real-time control to predictive control and ultimately to autonomous operation.